Delhi | 20th May 2020: Heightened default apprehensions due to Covid-19 induced economic distress is a major challenge to contend with for any player in the larger BFSI/lending start-up ecosystem in India. While better regulatory framework and government stimulus are some of the answers, the immediate help players in the space need is containing and better managing recovery and resolution of debt in their books. New-Delhi based Credgenics today formally unveiled India’s first of its kind debt resolution platform which combines the power of artificial intelligence with data science to optimize and standardize the debt collection activities. An end to end SaaS based collection management tool, it delivers customized strategies and recommends optimal legal routes to facilitate faster resolution of stressed assets which helps creditors efficiently improve their NPA, geographic reach and customer on-boarding. The platform is already used by 16+ NBFCs and fintech lending players like Loantap, Loan Simple, Rupeeredee, Zest Money and Cashkumar among others.
In his comments on the new platform, Rishabh Goel, Co-Founder & CEO, Credgenics, said, “While AI and ML have been around for a while and applied in many areas, their power and ability to predict recovery chances based on multiple parameters including defaulters personality information, demographics, language, EMI payments and communication follow-up trends, has never been leveraged or deployed in a structured manner. Our proprietary model does that exactly and significantly reduces the debt collection cost making unit economics more viable for lenders. The new platform redefines the buckets basis recovery chance, delinquency days and different communication channels leading to increased collection and reduction of expected time to resolution.”